What is POW BTC-35W/T (PBTC35A)?

Quick Facts

  • Token name: POW BTC-35W/T (pBTC35A)
  • Blockchain: Ethereum (ERC-20)
  • Protocol: Mars Project by Poolin
  • Each token represents: 1 TH/s of Bitcoin hashrate
  • Power ratio: 35 watts per terahash (35W/T)
  • Rewards paid in: Wrapped Bitcoin (wBTC)
  • Companion token: MARS governance token
  • Custody: Mining rigs held by Poolin Superhashrate

Introduction

POW BTC-35W/T (pBTC35A) is an Ethereum-based token that tokenizes real Bitcoin mining hashrate. It is the core asset of the Mars Project, described as the first one-stop on-chain proof-of-work mining protocol built on Ethereum.

By holding and staking pBTC35A tokens, users gain exposure to Bitcoin mining rewards without needing to physically own or manage mining hardware.

History & Background

The Mars Project was launched by Poolin, one of the world's major Bitcoin mining pool operators. The protocol went live in early 2021, introducing a novel way to bring standardized hashrate products into the DeFi ecosystem on Ethereum.

Poolin Superhashrate, the physical infrastructure arm of Poolin, provides and custodies the mining machines that back each pBTC35A token.

How POW BTC-35W/T Works

Each pBTC35A token represents 1 TH/s of Bitcoin mining hashrate with a fixed power ratio of 35W/T. The actual mining hardware is operated and secured by Poolin Superhashrate throughout the token lifecycle.

Users purchase pBTC35A tokens either from the Mars Project in-house store or from decentralized exchanges like Uniswap. Once obtained, tokens are staked in the protocol to begin earning mining output. Net mining profits are distributed in wBTC (Wrapped Bitcoin) on a per-block basis, making rewards calculable and predictable from the start.

Tokenomics

The Mars protocol uses two tokens: pBTC35A and MARS. The pBTC35A token is the hashrate instrument — it entitles holders to proportional wBTC mining yields when staked.

The MARS token serves as the governance token and is distributed as an additional reward for staking pBTC35A and providing liquidity. MARS tokens are released linearly to the community, with the majority going to protocol participants, a share to the development team for maintenance, and a smaller allocation to the Mars Foundation.

Circulating supply ? 214,602 PBTC35A
Total supply ? 214,602 PBTC35A
Max supply ? -- PBTC35A
Updated 2w ago

Ecosystem & Use Cases

  • Hashrate ownership: Hold pBTC35A to gain tokenized exposure to Bitcoin mining output.
  • Staking for wBTC rewards: Stake tokens to earn wBTC proportional to your hashrate share.
  • Liquidity provision: Provide pBTC35A/USDT liquidity on Uniswap and earn MARS token rewards.
  • Governance: Hold MARS tokens to participate in protocol decisions, including profit allocation and rate adjustments.

Team, Governance & Community

The Mars Project is backed by Poolin, an established mining pool with years of industry experience. Governance rights are embedded in the MARS token, allowing holders to submit proposals and vote on protocol parameters.

The community communicates through Telegram, Discord, and Twitter, with development updates shared via the Mars Project Medium blog.

Advantages

  • Accessible mining exposure: No need to buy, host, or maintain physical hardware.
  • Predictable output: Fixed power ratio and electricity cost parameters make mining returns calculable upfront.
  • DeFi integration: Seamlessly trade or provide liquidity for pBTC35A on Uniswap.
  • Established operator: Poolin's track record provides credibility for the underlying hardware custody.
  • Dual rewards: Stakers earn both wBTC mining yield and MARS governance tokens.

Risks & Challenges

  • Custodial risk: Users rely on Poolin Superhashrate to operate the physical machines honestly and securely.
  • Bitcoin mining volatility: Mining profitability fluctuates with Bitcoin price, network difficulty, and energy costs.
  • Smart contract risk: No public security audit has been submitted for the protocol's smart contracts.
  • Limited liquidity: pBTC35A has historically had limited liquidity across DeFi platforms and exchanges.
  • Protocol dependency: The value of pBTC35A is closely tied to the operational continuity of Poolin's infrastructure.

Long-Term Vision

The Mars Project aims to become a comprehensive on-chain POW mining protocol, with plans to expand beyond Bitcoin to include ETH and other proof-of-work mining tokens. By combining standardized hashrate products with DeFi liquidity mining, the project envisions a future where anyone can participate in cryptocurrency mining through simple token ownership — removing barriers of capital, geography, and technical expertise.

Frequently Asked Questions

Each pBTC35A token represents 1 TH/s of Bitcoin mining hashrate with a pre-determined power ratio of 35W/T. The actual mining machines are operated by Poolin Superhashrate on behalf of token holders.

You stake your pBTC35A tokens in the Mars protocol and receive net Bitcoin mining profits paid in wBTC (Wrapped Bitcoin). Rewards are calculated based on each full 24-hour staking interval.

pBTC35A tokens can be purchased through the Mars Project in-house store (requiring basic KYC) or on decentralized exchanges such as Uniswap using its Ethereum contract address.

MARS is the governance token of the Mars Project, distributed as an additional reward to users who stake pBTC35A or provide liquidity. Holding MARS allows participants to submit and vote on protocol proposals.

Poolin Superhashrate, the physical infrastructure division of Poolin, takes custody of all mining rigs during the token lifecycle. Users do not need to manage any hardware themselves.

The primary risks include custodial reliance on Poolin, fluctuations in Bitcoin mining profitability, limited liquidity on exchanges, and the absence of a publicly submitted smart contract audit.

pBTC35A is an ERC-20 token deployed on the Ethereum blockchain. Its contract address is 0xA8b12Cc90AbF65191532a12bb5394A714A46d358.

Governance participation is tied to the MARS token, not pBTC35A directly. By staking pBTC35A you earn MARS tokens, which grant you the right to submit and vote on protocol proposals.